Peter Kyle, Labour's shadow minister for science, innovation and technology, speaking at London Tech Week. Matthew Davies / The National
Peter Kyle, Labour's shadow minister for science, innovation and technology, speaking at London Tech Week. Matthew Davies / The National
Peter Kyle, Labour's shadow minister for science, innovation and technology, speaking at London Tech Week. Matthew Davies / The National
Peter Kyle, Labour's shadow minister for science, innovation and technology, speaking at London Tech Week. Matthew Davies / The National

Labour promises to get tougher on AI safety


Matthew Davies
  • English
  • Arabic

A Labour government would tighten up regulations surrounding artificial intelligence, its shadow minister for science, innovation and technology told London Tech Week on Wednesday.

Peter Kyle said his party would keep the AI Safety Institute but “put it on a statutory footing”.

“At the moment, there's a voluntary code regulating AI, particularly frontier AI,” he said. “We would legislate to require the frontier AI labs to release their safety data. That's to make sure we legislate the standards that are already in the voluntary code.

“We don't seek to disrupt the voluntary code, but we will certainly will make sure [the standards] are maintained and that any new entrants into the market will know that there's a legislative foundation that must be adhered to.”

Mr Kyle added that a Labour administration would put the UK's technology sector centre stage in a quest to boost economic growth.

If voted into power next month, Labour would place technology “at the heart of our missions and unblock the tech barriers to restart the engine of our economy”, he said.

Speaking to hundreds of tech entrepreneurs, chief executives and investors at London's Olympia exhibition centre, Mr Kyle added that Labour wanted to “build and sustain the most dynamic technological environment for our country”.

The rival Conservative party's election manifesto includes a pledge to increase research and development spending by £2 billon, a new fund to invest in female entrepreneurs, and investments in areas of advanced manufacturing.

Prime Minister Rishi Sunak led an AI Safety Summit last year, welcoming senior leaders to Bletchley Park to discuss international priorities for the next five years.

“I believe there will be nothing more transformative to the futures of our children and grandchildren than technological advances like AI,” Mr Sunak said before the summit.

The Conservatives claim they will put more money in AI, should they win the upcoming election, by investing “over £1.5 billion in large-scale compute clusters”.

The party said the money would create the “raw processing power” necessary to “take advantage of the potential of AI”.

That £1.5 billion had already been announced by Chancellor Jeremy Hunt in his autumn statement last year.

Fuelling economic growth

Meanwhile, Mr Kyle confirmed that a Labour government would retain the DSIT (Department of Science, Innovation and Technology) to “harness the power of science and technology, to fuel economic growth and transform our public services”.

Mr Kyle said Labour would provide stability through 10-year funding budgets

“Crucially, DSIT will work on boosting adoption of digital technology, including AI, by business across the economy,” he said.

Mr Kyle highlighted a scenario put forward by the Office for Budgetary Responsibility (OBR) towards the end of last year, which imagined the widespread adoption of AI in the British economy and concluded that if it were to happen, productivity would be boosted by 0.5 per cent, or £75 billion by the fifth year.

“It is staggering for me that the government saw this potential and simply left it on the table.

“So, don't underestimate the scale of ambition we have for your country and your sector,” he added.

What Mr Kyle did not do was place many figures on Labour's plans. He spoke of creating a new National Data Library, but said nothing of the cost.

London Tech Week at the Olympia exhibition centre. Matthew Davies / The National
London Tech Week at the Olympia exhibition centre. Matthew Davies / The National

When the chips are down

He also declined to announce any new funding for the current government's semiconductor plan, which is set to receive £1 billion over the next five years.

While the plan focuses on the design of computer chips, it is dwarfed by the $52.7 billion of US chip subsidies and €43 billion ($47 billion) of proposed EU investment.

When it was announced a year ago, the government's semiconductor plan was met with considerable scepticism from the likes of Simon Thomas, chief executive and founder of graphene maker Paragraf, who described the £1 billion as little more than a “rounding error”.

Nonetheless, Mr Kyle told London Tech Week a future Labour government would “turbocharge” the sector by stepping out the way to allow large technology companies to build critical infrastructure like data centres in the UK.

At the moment, the government only adds planning delays and a lack of strategy and support, he said.

“Why isn't government the third partner, instead of the most significant barrier?”

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zack%20Snyder%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Sofia%20Boutella%2C%20Charlie%20Hunnam%2C%20Ed%20Skrein%2C%20Sir%20Anthony%20Hopkins%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Specs

Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Representing%20UAE%20overseas
%3Cp%3E%0DIf%20Catherine%20Richards%20debuts%20for%20Wales%20in%20the%20Six%20Nations%2C%20she%20will%20be%20the%20latest%20to%20have%20made%20it%20from%20the%20UAE%20to%20the%20top%20tier%20of%20the%20international%20game%20in%20the%20oval%20ball%20codes.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESeren%20Gough-Walters%20(Wales%20rugby%20league)%3C%2Fstrong%3E%0D%3Cbr%3EBorn%20in%20Dubai%2C%20raised%20in%20Sharjah%2C%20and%20once%20an%20immigration%20officer%20at%20the%20British%20Embassy%20in%20Abu%20Dhabi%2C%20she%20debuted%20for%20Wales%20in%20rugby%20league%20in%202021.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESophie%20Shams%20(England%20sevens)%3C%2Fstrong%3E%0D%3Cbr%3EWith%20an%20Emirati%20father%20and%20English%20mother%2C%20Shams%20excelled%20at%20rugby%20at%20school%20in%20Dubai%2C%20and%20went%20on%20to%20represent%20England%20on%20the%20sevens%20circuit.%20%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EFiona%20Reidy%20(Ireland)%3C%2Fstrong%3E%0D%3Cbr%3EMade%20her%20Test%20rugby%20bow%20for%20Ireland%20against%20England%20in%202015%2C%20having%20played%20for%20four%20years%20in%20the%20capital%20with%20Abu%20Dhabi%20Harlequins%20previously.%0D%3C%2Fp%3E%0A
The chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

Updated: June 12, 2024, 4:01 PM